Outset Medical amends, increases term facility by $100 million

By William Gullotti

Buffalo, N.Y., Dec. 11 – Outset Medical, Inc. entered into a first amendment to its loan and security agreement with SLR Investment Corp. as collateral agent on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The amended agreement added $100 million of term B loans to the facility, available as about $33.5 million of term B-1 loans and $66.5 million of term B-2 loans.

The first amendment did not alter other terms of the facility, including the initially scheduled Nov. 1, 2027 maturity date.

As previously reported after the initial facility was signed on Nov. 3, 2022, borrowings bear interest at one-month term SOFR plus 515 basis points, subject to a 2.75% floor.

At closing, the outstanding balance for the term facility was about $133.5 million.

San Jose, Calif.-based Outset is a medical technology company pioneering technologies to reduce the cost and complexity of dialysis.

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